Ravi_VP
Long

BANKNIFTY: Ending diagonal nearing completion.

NSE:BANKNIFTY   NIFTY BANK
As I said yesterday, today wave (B) completed. Tomorrow will be a volatile and trending day. Most probably Wave (C) will be completed fully or 70%. When wave (C) completes, wave (5),,C,(B) of higher degrees also will be completed. Once these waves completes, wave(C) of 4 will be commenced. As the ending diagonal has developed as an expanding diagonal the fall will be heavy.
Comment: @kukku and @jaganath22
As per present structure I assume that wave c of wave (B) unfolding as abc, a being yesterday close, b today’s high and c in progress. At note (12:30) wave iv of c is in progress. Probably it will get support at 31550 out at the worst at 31450 and then wave (C) will commence.
Comment: It seems that wave (iv) has unfolded as zigzag abc. I have posted a new idea.

Comments

Will Bank Nifty go Up on Monday?
Reply
Ravi_VP rak99man
@rak99man, yes. See my another post today on bank nifty
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Looks Wave theory did not worked
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Ravi_VP ravispm
@ravispm, wave structure will definitely stick to it and work finely. Only thing is we have to correctly label it. At the same time we have to modify the corrective waves i.e., abc as it unfolds next. Wave (iv) extended as zigzag abc. I have posted a new idea. Kindly see it.
While trading waves always stick to price action.
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ravispm Ravi_VP
@Ravi_VP, Thanks Ravi !!
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I think strong support which will help price according to your analysis
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Ok sir
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Sir, any updates on the wave count...
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@Kukku, we have to wait for some time. Market behaviour is like that. I think wave (B) may be extending. If it goes below 31450 view negated.
Reply
Kukku Ravi_VP
@Ravi_VP,

Thank you
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